The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-07-31
BIG RISKS RUIN A BANK.
THE COLUMBIAN BANK OF PHILA-
DELPHIA CLOSES ITS DOORS.

Vanced on imports FROM oouIn
America.
PHILADELPHIA, July 30-The Columbian
Bank, State institution, closed its doors
this morning, and on the door a notice was
posted stating that by order of the board of
directors the bank would make an assign
ment for the benefit of its creditors. At
noon another notice was issued saying that
an assignment had been made to S. Edwin
Megargee and f. P Herman, two attorneys
All efforts to obtain any statement as to
the amount of the liabilities or assets proved
futile, both the bank officials and assignees
declaring that they had not had time to in
quire into the condition of the affairs as
yet. 1t is believed, however, that the fail
ure is a complete one.
CHECKS DISHoNoRED.
President Bell, of the Famers' and Me-
chanics Bank, with whom the Columbian
has kept an account for several years, stated
that checks OF the latter were dishonored
because they had no money to their credit,
and furthermore, had no securities on de
posit, as was claimed by the Columbian's
officers. Mr.. Bell said that the securities
referred to consisted of checks and drafts
on an outside bank, and that the Farmers
cept for collection, and if they proved
good the money would be paid, but nothing
would be advanced 1t is understood from
reliable sources that the chief causes of
failure were heavy advances made on drafts
of the lves-StaynOr party of New York, and
advances made on cOnSignments of mer-
chandise shipped from South America and
other points which were not taken up by
the consignces, thus leaving the bank in a
crippled condition II is doubtful ii any
thing definite can be learned before a thor
ough examination has been made, and this
viii consume considerable time The failure
caused some excitement In the city, although
among financial men IL was not much of a
surprise.
IVES A BIG CUSTOMER.
Mr.. Ives, of the Ives-Staynor party has
been a very large customer of the bank, a
single item of his business recently reach
ing the sum OF S60O,O00 1t is positively
stated by the bank officials that Mr. Ives is
not in Philadelphia to-day. They assert
that he went West last night, and say that
if he had been i'll the city he certainly
would have been at the bank. They decline
to state whether or not he is at present
indebted to the institution to any great
extent. The assignment was decided
upon, it is said, i'll order that the collateral
in which the banks funds are locked up
u6 TSdllScu uktDtl, anu
some think that with proper handling the
assets can be made to meet all liabilities in
full. The capital stock of the bank is
100000. According to their last statement
they had on deposit 100000 and owe to
other banks Sl5O,000. There are other
liabilities amounting probably to S235, 900,
making their total liabilities S985,0O
BRANCH AT GERMANTOWN.
The bank had a branch at Germantown,
the business of which consisted mostly of
small deposits made by the working class.
and this was also closed this morning The
assis tant cashier in charge of the German
town bank assured the depositors that they
would be paid in full. Tie Columbian were
the agents of the American Exchange in
London and the American Exchange in
Paris A gentleman who is in position
to know, said to reporter this
afternoon: The status of the affair is
Just this: when the negotiations for the pur-
chase of the Baltimore and Ohio stock from
Robert Garrett were in progress, Mr.. Ives
deposited considerable amount of money
as margin or premium, and when the ne
gotiations were declared at an end, MIR.
Ives did not get his money back, and Mr..
Garrett went to Europe, thus leaving it tied
up for some time at least Therefore Mr..
Ives was considerably crippled and was
probably unable to settle with the Column
blan.n
The solicitor for the bank states that prob
ably 500, 600 of funds tied up in merchan-
disc which was bought in foreign countries
on letter of credit issued 10y the Column
bian, and the bank paid draft attached to
the bills Of lading when presented. They
were unable to realize on these goods and
they are now on storage.
sTAYNoR's CLAIMS.
New YORK, July 30.-George Fl. Stay
nor, of the firm of II. $. Ives a. Co., denies
that any dealing with his firm embarrassed
the Columbian Bank, of Philadelphia, and
he states that the bank is indebted to his
firm in tho sum of S67, 900. Mr.. Ives, he
saws has gone to Cincinnati to attend rail
road meetings there.
The firm of Gould & Henry Powers,
brokers, settled the claims of III. |. Nicholas
on account of difference in transaction in
Lake Shore, but the claims of the holders
of puts and calls have not been settled
Mr.. Powers did not appear at the office of
his brokers at all to-day, and although it is
admitted that he is embarrassed, his friends
claim that he will settle with every one in
full.
THREE FIRMS ASSIGN.
CHATTANOOGA, Tenn, July 30.-Tabler,
Cr1ldup & Co, railroad contractors of this
city, ID. G. Crudup 81 Co., are contractors
of lnman, Tenn, and the Tabler Crudup
Coal and Coke Company, of Daisy, Tenn,
three firms represented by j. II. Tabler and
D. G.. Crudup, of this city, made an assign
ment to-day TO w. Il. Baskctt and r. II.
Ewing The liabilities are about 100000,
the assets are S250,O00. The cause for the
assignment was the pressing demand of
some of the creditors The assignees ex-
press the opinion that the creditors will be
paid in full
The liabilities of the various Tabler-
Crudup companies are said 10 be $4,000.
There is also bonded Indebtedness of $50 900,
About $50, 600 is due to banks and merchants
in Chattanooga and the. balance to mer-
chants in Nashville, Louisville and New
York. The failure will not affect any other
business interests about here.
KERsHAw's STATEMENT.
CHICAGO, July 30 The long g-looked-for
statement OF the defunct wheat clique house
of C.. j. Kershaw az Co. was given TO the
public to-day, and shows that the liabilities
aggregate 81, 100000, ths gross assets
S1,160,00O, including Sl,50O,00O due from
Wiltshire Eckert e. Co. and other Cincin-
natl parties. This leaves assets, outside of
Cincinnati parties, Of only 100000.
THE BUlNED CATTLE KINGS.
A special from Henrietta, Tex, says:
"Curtis az Atkinson have made a chattel
mortgage, together with one deed for
$1,000, to the aggregate amount Of S424 900.
Thomas f. West has given public notice
that he will as trustee for the Henrietta
National Bank, sell, on Aug ., 10000 head
of cattle to secure n note Of $50 900 and